Al-Balagh Shari‘ah Advisory and Auditing Level – 1
Exclusive for Ulama and Alimat
About The Course
There is a rising inclination towards Islamic finance industry thereby creating a high demand for Shari‘ah Advisors. Islamic Financial Institutions like islamic Banks etc need to make sure that their services and products are in-line with Shari‘ah regulations related to the field of finance, thus making Shari‘ah graduates demanded highly these days.
Al Balagh Academy is offering an exclusive Shari‘ah Advisory and Auditing Programme for those Shari‘ah graduates who wish to contribute in the Auditing industry as Shari‘ah Advisor. This programme aims to equip and prepare you with in-depth knowledge of the field and teach you the functioning of Fiqh Muamalat in corporates, businesses and Islamic financial institutions.The main aims of this programme is to provide theoretical knowledge coupled with the practical application of Shari‘ah Advisory.
Course Team
Mufti Zubair Butt
(Chair, Al Qalam, Bradford)
Mufti Faraz Adam
(Executive Director-Amanah Finance Consultancy)
Mufti Abdul Kadir Barkatulla
(Sharia Advisor, Al Rayyan Bank)
AT A GLANCE
20 Live Online Sessions
Duration: 6 Months
Sundays, 5:00PM - 6:30PM
Video Recordings Available
1.5 Hours Per Week
Access to Mobile App
Certificate
Live Q&A
Enrol Now
Starts on 5th June 2021.
Course Fee
Pay in Full: £99.99 £39.99
(Considering the prevalent situation due to COVID-19, we are providing scholarship on this Course)
Pay In 6 Installments: £6.66 per month
Registration Deadline
Al Balagh Scholarship
AlBalagh Scholarship is available for learners who cannot afford the fee.
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Course Team
Mufti Zubair Butt
(Chair, Al Qalam, Bradford)
Mufti Faraz Adam
(Executive Director-Amanah Finance Consultancy)
Mufti Abdul Kadir Barkatulla
(Sharia Advisor, Al Rayyan Bank)
AAOIFI Shari‘ah Standards (Full text of Shari‘ah Standards for Islamic Financial Institutions as at Safar 1439 AM – November 2017A.D)
STANDARD
1
SS (1): Trading in currencies
SS (1): Trading in currencies
STANDARD
2
Debit Card, Charge Card and Credit Card
Debit Card, Charge Card and Credit Card
STANDARD
3
Procrastinating Debtor
Procrastinating Debtor
STANDARD
4
Settlement of Debt by Set-Off
Settlement of Debt by Set-Off
STANDARD
5
Guarantees
Guarantees
STANDARD
6
Conversion of a Conventional Bank to an Islamic Bank
Conversion of a Conventional Bank to an Islamic Bank
STANDARD
7
Hawalah
Hawalah
STANDARD
8
Murabaha
Murabaha
STANDARD
9
Ijarah and Ijarah Muntahia Bittamleek
Ijarah and Ijarah Muntahia Bittamleek
STANDARD
10
Salam and Parallel Salam
Salam and Parallel Salam
STANDARD
11
Istisna’a and Parallel Istisna’a
Istisna’a and Parallel Istisna’a
STANDARD
12
Sharika (Musharaka) and Modern Corporations
Sharika (Musharaka) and Modern Corporations
STANDARD
13
Mudaraba
Mudaraba
STANDARD
14
Documentary Credit
Documentary Credit
STANDARD
15
Jua’la
Jua’la
STANDARD
16
Commercial Papers
Commercial Papers
STANDARD
17
Investment Sukuk
Investment Sukuk
STANDARD
18
Possession (Qabd)
Possession (Qabd)
STANDARD
19
Loan (Qard)
Loan (Qard)
STANDARD
20
Sale of Commodities in Organized Markets
Sale of Commodities in Organized Markets
STANDARD
21
Financial Papers (Shares and Bonds)
Financial Papers (Shares and Bonds)
STANDARD
22
Concession Contracts
Concession Contracts
STANDARD
23
Agency and the act of an Uncommissioned Agent (Fadooli)
Agency and the act of an Uncommissioned Agent (Fadooli)
STANDARD
24
Syndicated Financing
Syndicated Financing
STANDARD
25
Combination of Contracts
Combination of Contracts
STANDARD
26
Islamic Insurance
Islamic Insurance
STANDARD
27
Indices
Indices
STANDARD
28
Banking Services in Islamic Banks
Banking Services in Islamic Banks
STANDARD
29
Stipulations and Ethics of Fatwa in the Institutional Framework
Stipulations and Ethics of Fatwa in the Institutional Framework
STANDARD
30
Monetization (Tawarruq)
Monetization (Tawarruq)
STANDARD
31
Controls on Gharar in Financial Transactions
Controls on Gharar in Financial Transactions
STANDARD
32
Arbitration
Arbitration
STANDARD
33
Waqf
Waqf
STANDARD
34
Hiring of Persons
Hiring of Persons
STANDARD
35
Zakah
Zakah
STANDARD
36
Impact of Contingent Incidents on Commitments.
Impact of Contingent Incidents on Commitments.
STANDARD
37
Credit Agreement
Credit Agreement
STANDARD
38
Online Financial Dealings
Online Financial Dealings
STANDARD
39
Mortgage and its Contemporary Applications.
Mortgage and its Contemporary Applications.
STANDARD
40
Distribution of Profit in Mudarabah-based Investments Accounts.
Distribution of Profit in Mudarabah-based Investments Accounts.
STANDARD
41
Islamic Reinsurance
Islamic Reinsurance
STANDARD
42
Financial Rights and how they are exercised and transferred
Financial Rights and how they are exercised and transferred
STANDARD
43
Insolvency
Insolvency
STANDARD
44
Obtaining and Deploying Liquidity
Obtaining and Deploying Liquidity
STANDARD
45
Bankruptcy
Bankruptcy
STANDARD
46
Protection of Capital and Investments
Protection of Capital and Investments
STANDARD
47
Al-Wakalah Bi Al-Istithmar (Investment Agency)
Al-Wakalah Bi Al-Istithmar (Investment Agency)
STANDARD
48
Rules of Calculating Profit in Financial Transactions
Rules of Calculating Profit in Financial Transactions
STANDARD
49
Options to Terminate Due to Breach of Trust (Trust-Based Options)
Options to Terminate Due to Breach of Trust (Trust-Based Options)
STANDARD
50
Unilateral and Bilateral Promise.
Unilateral and Bilateral Promise.
STANDARD
51
Irrigation Partnership (Musaqat)
Irrigation Partnership (Musaqat)
STANDARD
52
Options to Revoke Contracts Due to Incomplete Performance
Options to Revoke Contracts Due to Incomplete Performance
STANDARD
53
Options To Reconsider (Cooling-Off Options, And Options To Revoke Due To Non-Payment)
Options To Reconsider (Cooling-Off Options , Either –Or –Options And Options To Revoke Due To Non-Payment)
STANDARD
54
Arboun (Earnest Money)
Arboun (Earnest Money)
STANDARD
55
Revocation of Contracts by Exercise of a Cooling-Off Option
Revocation of Contracts by Exercise of a Cooling-Off Option
This course is exclusively designed to provide the participants a comprehensive and practical knowledge on Shari‘ah Governance Framework for Islamic Financial Institutions by concerned regulators. It will highlight the relevant scope, procedures and potential issues in implementing an effective Shari‘ah governance programme for Islamic financial institutions.
20 well-structured and presentation-based lectures will be given on the following topics that are directly related to Shari‘ah Advisory and Auditing:
SESSION
1
Islamic Banking: State Of Affairs
Islamic Banking: State Of Affairs
SESSION
2
Non Banking Islamic Financial Institutions
Non Banking Islamic Financial Institutions
SESSION
3
Conversion of Conventional FI into IFI
Conversion of Conventional FI into IFI
SESSION
4
Legal and regulatory frameworks for IFIs
Legal and regulatory frameworks for IFIs
SESSION
5
Global Financial System
Global Financial System
SESSION
6
Key Islamic Financial Institutions (Islamic Banks, Regulatory Bodies, Standard Setting Bodies)
Key Islamic Financial Institutions (Islamic Banks, Regulatory Bodies, Standard Setting Bodies)
SESSION
7
Shari‘ah Governance & Advisory Framework in IFIs (ideal model and current practices)
Shari‘ah Governance & Advisory Framework in IFIs (ideal model and current practices)
SESSION
8
Challenges Faced by Islamic Banks
Challenges Faced by Islamic Banks
SESSION
9
Internal Shari‘ah Auditing Mechanism
Internal Shari‘ah Auditing Mechanism
SESSION
10
External Shari‘ah Auditing Structure
External Shari‘ah Auditing Structure
SESSION
11
Roles and Responsibilities of Shari‘ah Boards
Roles and Responsibilities of Shari‘ah Boards
SESSION
12
Product Development Department
Product Development Department
SESSION
13
Shari‘ah compliance Department
Shari‘ah compliance Department
SESSION
14
Staff Training and Development
Staff Training and Development
SESSION
15
Role and Responsibility of Board of Directors and Executive management
Role and Responsibility of Board of Directors and Executive management
SESSION
16
Case studies of various Shari‘ah advisory models
Case studies of various Shari‘ah advisory models
SESSION
17
Central Shariah Supervisory Boards(Shariah board of regulating bodies,International organisations)
Central Shari‘ah Supervisory Boards (Shari‘ah boards of regulating bodies, commissions, International organisations)
SESSION
18
Career Opportunities in the Shari‘ah advisory/auditing field
Career Opportunities in the Shari‘ah advisory/auditing field
SESSION
19
Further educational opportunities for the potential Shari‘ah advisors
Further educational opportunities for the potential Shari‘ah advisors
SESSION
20
Contemporary Literature on Shari‘ah Advisory and Auditing
Contemporary Literature on Shari‘ah Advisory and Auditing
Course Overview
This unique programme is designed to provide extensive knowledge to Shari‘ah Scholars related to the essential Shari‘ah Standards/ Principles in different Islamic modes and financing facilities with their practical applicability, issues faced in practical execution and continuous monitoring of every individual transaction. There will be presentation based lectures in this course to provide practical knowledge and application of Shari‘ah Advisory.
This advanced training programme will help Ulama understand the Shari‘ah compliance, review process and the skills required in Islamic banking and the finance industry. The programme also aims to familiarise students with the roles in Islamic financial institutions, the mechanics that ensure Shari‘ah compliance according to the scholarly rules, and to understand the technical review method used to determine Shari‘ah compliance. The Shari’ah Advisory and Auditing programme is designed to equip candidates with the requisite technical understanding and professional skills of Shari’ah compliance and review processes for the international Islamic banking and finance industry.
There will be two live online sessions every weekend. Each of 1 hr 30 minutes long interactive online class. One dedicated to the selected Shari‘ah Standards and the other on course modules.
The programme will mainly focus on the standards as formulated and approved by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) covering various Islamic modes of finance. The course will provide a thorough explanation and discussion of AAOIFI Shari‘ah standards, in terms of the background of establishment, development, underlying principles, and application through intense study of contemporary and practical case studies. Students would also gain an in-depth understanding of how classical Islamic financial contracts have been adapted to cater to the complexities of modern business and commerce.
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Course Content and Format
How Is Al Balagh Shari‘ah Advisory And Auditing Training Programme Different From Other Courses?
There are three major differences;
- It is designed by leading Shari‘ah scholars and market practitioners.
- It is offered through an interactive and self-paced learning system.
- A career-oriented Islamic finance certification.
Course Aims and Objectives
The Key Aims And Objectives Of The Course Are To:
- Provide a rich learning experience of Banking and Finance for Shari‘ah scholars.
- Capacity building of fresh madrasa graduates in order to contribute to the future of Islamic finance.
- Bridge the gap between the theory and practice of Islamic financial institutions via well equipped Shari‘ah compliance managers.
- Examine the major Islamic banking instruments used in the industry and evaluate whether they are within the boundaries set by the AAOIFI Shari‘ah standards.
- Hone the highly demanded Islamic financial skills among Shari‘ah students.
Learning Outcomes
By The End Of This Unique Course, The Students Will Gain Advanced Knowledge On:
- Roles and functions of various Shari’ah compliance and review processes in financial institutions.
- Correlation between a financial institution’s Shari’ah Supervisory Board (SSB) and its internal Shari’ah compliance and review processes.
- Mechanism to ensure Shari’ah compliance in accordance with resolutions and fatwas (Scholars’ rulings) issued by SSB.
- Technical review of banking and financial operations to determine Shari’ah compliance.
- Establishing the foundations to gain stakeholders’ trust and confidence in a financial institution’s adherence to Shari’ah.
Frequently Asked Questions
Are Al Balagh courses recognised or accredited?
Al Balagh courses do not provide an externally accredited or recognised qualification. Our own expert team works at the course content. With over 5000+ learners, we are continuously growing and our vision is to make Al Balagh qualifications renowned worldwide through our expert team, without seeking formal accreditation or recognition from external institutional bodies.
How is this online course structured?
Our online course comprises live interactive online sessions, pre-recorded videos, online course material that include, presentations, reading material & online learning activities. Students may ask questions and get their doubts cleared from their respective lecturers, if any. Our dedicated academic support team will assist you as required.
When will I have access to the online course material?
Upon successful enrollment, you will get access to myAlBalagh (our online learning portal) within 24 hours.
Will I get notification for live sessions?
All students will receive notification for their course live sessions via email and/or course WhatsApp group. You may also check the Course Schedule tab on your dashboard after logging in on our website or Mobile App.
Is it mandatory to attend live sessions?
We always encourage attending live sessions among students, but it is not compulsory for technical course progress of the students.
I missed a live session. Can I get the video recordings?
If you are unable to attend a live session or have missed it, you can view recorded sessions on your course dashboard. You can access all the completed Recordings, PPT and assessments anytime.
Can I download the recordings and watch it offline?
You can download recordings and PPT of the course sessions from the myAlBalagh mobile App for all the enrolled courses.The recordings will be available for students after 48 hours of the live session.
Do I get marks for watching course recordings and presentations?
There are no additional marks for watching the course recordings. Only the module Assessments and the final exam add up to the final score.You can check the individual scores of your Assessments under the Progress tab of myAlBalagh.
I have doubts but I cannot attend the live session. Any other way to ask my questions?
You can discuss your doubts via Course WhatsApp Group dedicated for student discussion or access the Discussion Board on myAlBalagh. It is a platform for you to ask questions, discuss and get your doubts cleared.
When will the final exam be held?
The Final Exam will be held at the end of the course and will be a Graded And Timed Exam.
How do I interact with my classmates?
You can interact with your classmates on our Whatsapp Group exclusive for the course students. Furthermore, you can use the Discussion Board to connect with other course students as well.
How long will I have access to the online course?
You will have access to the online course content for up to 2 years. If you want lifetime access, contact our admin team via Email at [email protected].
I am facing trouble signing into the “myAlBalagh” Online Student portal. What should I do?
In case you find any trouble accessing your account, then please contact us immediately. Our dedicated support team will ensure that your problem gets resolved at the earliest.
How can I apply for the Al Balagh Scholarship?
Al Balagh Academy values seekers of knowledge more than anything. Please visit here to apply for a scholarship. Our team will assess your application and respond in 2-3 working days.